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Info-Drive Software picks 51% in Chennai firm

Info-Drive Software has acquired a majority stake in the Chennai based Precision Group for Rs 9 crore. The company said it would pick up 51% stake in Precision Infomatic, including its four subsidiaries, as it would help it in tapping overseas market. Info-Drive informed BSE that it would buy 1,24,900 equity shares of Precision Infomatic for Rs 720.57 a share (face value Rs 10), valuing the company at a little less than Rs 18 crore. Precision Infomatic, which is into IT hardware sales and services, has four operating subsidiaries – Precision Info-Drive, Precision Galaxy, Precision Info-Drive and Legend Systems. “Precision’s core capabilities can be leveraged for several large market opportunities in the Middle East including niche areas like creating smart homes using leading edge technology products,” said Arif B Rahman, promoter of Info-Drive, on Monday.